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Lane
Lane, JD, CFP, MBA, CRPS
Category: Financial Software
Satisfied Customers: 10822
Experience:  Highly experienced in professional tax products, Microsoft Office - power Excell user - as well as Windows, Linux & iOS operating systems.
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What does tax line mapping mean, I am adding my bank account

Customer Question

Hi. What does tax line mapping mean
JA: The Financial Software Technician will know how to help. Please tell me more, so we can help you best.
Customer: I am adding my bank account to QB and it is asking me about a tax line mapping? What is tax line mapping mean?
JA: Is there anything else the Financial Software Technician should be aware of?
Customer: no
Submitted: 7 months ago.
Category: Financial Software
Expert:  Lane replied 7 months ago.

Hi,

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An account's "tax line" associates each income and expense account with the appropriate tax form and line on that tax return.

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This enables you to create tax reports to assist your accountant or to export and import your tax data into ProSeries, TurboTax, TurboTax Business, or Lacerte tax programs.

Expert:  Lane replied 7 months ago.

Lets say you're a sole proprietor. That means that you use a schedule C with your taxes.

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This tax form has lines such as the following:

  • Gross receipts or sales

  • Advertising

  • Repairs and Maintenance

  • Other business expenses

Expert:  Lane replied 7 months ago.

So, if this card is something that you'll use to pay business expenses, you'd want to map it to the form and lines that you see on your own previous tax forms

Expert:  Lane replied 7 months ago.

Here's a samle list from intuit that will give oyu some of the possibilities (but again, I would look at your own return)

...

Expert:  Lane replied 7 months ago.

Sole Proprietors

Sch C

Trade or business income and expenses

Sch E

Rental income and expenses

Sch F

Farm income and expenses

Form 4835

Farm Rental income and expenses

Form 1040

Other income; Estimated taxes paid; IRA/SIMPLE contributions; SEP/Keogh deductions

Sch B

Interest and dividends earned on business accounts

Schedule K-1P

Distributions from partnerships

C-Corporations

Income

Trade or business income

Deductions

Trade or business expenses

COGS

Cost of goods sold

Dividends

Distribution of profits to shareholders

B/S Assets

Balance Sheet Assets

B/S Liabilities

Balance Sheet Liabilities

Schedule M-1/M-2

Accounts used to reconcile the company's books and the tax return

S-Corporations and Partnerships

Income

Trade or business income

Deductions

Trade or business expenses

COGS

Cost of goods sold

Sch K: Portfolio Inc

Items that are separately reported to each partner or shareholder. These items are not included in the trade or business.

B/S Assets

Balance Sheet Assets

B/S Liabilities

Balance Sheet Liabilities

Schedule M-1/M-2

Accounts used to reconcile the company's books and the tax return

Fm 8825 A-D

Rental Real Estate property income and expenses

Expert:  Lane replied 7 months ago.

And you can always just disassociate a tax line from an account, by selecting "Unassigned."

Expert:  Lane replied 7 months ago.

Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I’m working for no crediting at all here

...

Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Expert:  Lane replied 6 months ago.

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

...

Let me know…

...

Thanks,

Lane

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